Cardano Rally Loses Steam Amid Weakening Retail Demand

Cardano's recent rally has lost steam as it continues to struggle above $0.20. Despite its weekly gain of approximately 13%, the token is facing weakening retail demand, according to derivatives market data.

The Open Interest in Cardano futures has declined by nearly 2% over the past 24 hours to $494.17 million, indicating that traders are closing positions or being forced out of leveraged trades.

Long liquidations reached $983,670 during this period, compared with just $103,370 in short liquidations, showing that bullish positions suffered the most from Cardano's latest decline.